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New words to write about

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lol penFri 15 Mar 2013-  The Lloyd’s Wordings Repository brings new approved local country wordings to the international market.

Achieving contract certainty in Canada, Germany and Italy has been given a welcome boost with the addition of New Sponsored Sections to the Lloyd’s Wordings Repository (LWR).  

The new sections for Canada, Germany and Italy include local market wordings used by local insurance trade associations and wordings filed with local regulators. This is a similar approach that Lloyd’s takes in the US states of Illinois, Kentucky and the US Virgin Islands.

The new wordings are available in French, German and Italian for each of the respective countries as well as in English. Currently there are 19 new wordings for Lloyd’s Germany and 23 wordings for Lloyd’s Italy. The new Lloyd’s Canada section will contain approximately 40 Habitational Wordings under the category of Excellence.  There are plans to add wordings from additional countries in the near future.

The LWR is an online tool which is an essential resource for those in the market concerned with contract and policy wordings. Users can view approved wordings and clauses used regularly within the Lloyd’s market. Over 225, 000 wordings were accessed last year. There are currently over 4720 wordings on the LWR, which are accessed by nearly 3400 registered users.

Underwriters, wordings technicians, or brokers, who work in the Lloyd’s market in London can discover how to access these new international wordings at a special open day on Tuesday 19 March.

Experts from the Lloyd’s Market Association (LMA) and ISO will be available from 10.00 – 16.00 in meeting rooms 2 & 3, next to Lloyd’s Coffee House. They will be giving demonstrations of online tools including the LWR and the ISO/Lloyd’s Portal.

The ISO Lloyd’s Portal lets you interrogate ISO’s vast database of rating information and produce loss cost averages for multiple scenarios across many classes of business and US jurisdictions.

If you are a new user they can help register you for these services and answer any questions you have about them.  There is no need to book – just drop in at a convenient time during the day.

Tim Willcock, Director of Underwriting and Claims at the LMA commented: “The Lloyd’s Wordings Repository provides the market with a comprehensive and trusted source of wordings and clauses for use in support of policy production and contract certainty. I would encourage market practitioners to attend the open day to discover how to make the most of this invaluable online tool.”

For further information about the LWR Open Day – managing agents should contact Shazia Rennison at the LMA shazia.rennison@lmalloyds.com or on 020 7327 4011. All other interested individuals should contact Chris Kent at ISO: chris.kent@verisk.com or on 020 7680 4977.

(source: Lloyd’s of London)

 

 

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